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UNIVERSITY  OF  ILLINOIS 


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THROUGH  FIFTY  YEARS 


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in  2018  with  funding  from 

University  of  Illinois  Urbana-Champaign  Alternates 


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OF  1  HE 

UNIVERSITY  of  ILLINOIS 


FRANCIS  LELAND 

PRESIDENT,  1856-1885 


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THROUGH  FIFTY  YEARS 

THE  STORY  OF  A 
BANK’S  PROGRESS 

1855-1905 


NEW  •  YORK  •  1905 


Copyright,  1905,  by 
The  New  York  County  National  Bank 


From  the  Press  of  Robert  Grier  Cooke 

New  York 


This  story  of  the  progress  of  The  New 
York  County  National  Bank  through 
the  fifty  years  of  its  existence  is  issued 
by  the  officers  and  directors  in  commemo¬ 
ration  of  its  semi-centennial  anniversary . 


LIST  OF  OFFICERS 


Officers 

Francis  L.  Leland,  President 
William  H.  Jennison,  Vice-President 
William  Carpender,  2d  Vice-President 
Frederick  Fowler,  Cashier 


Directors 

William  Carpender,  of  W.  &  J.  N.  Carpender 
Frederick  Fowler,  Cashier 
William  H.  Jennison,  Vice-President 
Francis  L.  Leland,  President 
Hobart  J.  Park,  of  Park  &  Tilford 
Isidor  Straus,  of  R.  H.  Macy  &  Co. 
Christian  F.  Tietjen,  Preset  West  Side  Bank 
Charles  B.  Webster,  Capitalist 


CONDENSED  STATEMENT 

OF  THE  CONDITION  OF 

The 

New  York  Counit  National  Bank 

At  the  Close  of  Business ,  December  31st ,  1904. 


Resources. 

Loans  and  Investments . $4,865,510  72 

United  States  Bonds  to  Secure  Circulation  50,000  00 

Real  Estate — Banking  House .  60,000  00 

Due  from  National  Banks .  52,796  39 

Exchanges  for  Clearing  House .  218,531  24 

Cash .  1,630,070  30 

$6,876,908  65 


Liabilities. 


Capital  Stock .  $200,000  00 

Surplus  and  Undivided  Profits .  700,697  43 

Dividend  (50%)  Payable  January  3d,  1905  100,000  00 

Circulation .  50,000  00 

Deposits .  5,826,211  22 


$6,876,908  65 


THROUGH  FIFTY  YEARS 

A  Half-Century’s  Retrospect 


HT  is  now  fifty  years  since  The 

New  York  County  Na¬ 
tional  Bank  was  founded, 
reaching  the  half-century  mark  of 
its  business  activity  in  May,  1905. 
Under  these  circumstances  we  have 
no  fear,  in  presenting  our  friends 
and  patrons,  old  and  new,  with  this  lit¬ 
tle  volume  commemorating  the  event, 
that  they  will  receive  the  impression 
that  we  are  departing  from  those  tradi¬ 
tions  of  somewhat  conservative  reti¬ 
cence  which  they  have  become  accus- 

1 


Through  Fifty  Y ears 


tomed  to  associate  with  the  hank’s 
methods. 

There  is  the  confidence,  moreover, 
that  indulgence  for  becoming  some¬ 
what  retrospective  will  be  granted. 
We  feel  assured,  in  fact,  that  there  are 
many  who  will  share  our  own  pleasure 
in  looking  back  over  a  career  which, 
if  particularly  satisfactory  to  contem¬ 
plate,  has  been  made  so,  as  much  by 
steadfast  confidence  and  encourage¬ 
ment  of  its  friends  as  by  the  bank’s 
management  itself. 

A  Record  of  a  Bank’s  Progress 

Proclamations  of  prosperity,  wheth¬ 
er  expressed  in  costly  buildings  or 

2 


Through  Fifty  Years 


in  architectural  equipment  have  not 
been  an  element  in  the  management  of 
The  New  York  Comity  National  Bank. 
The  policy  of  the  bank  control  has  ever 
been  in  precisely  the  opposite  direction. 
The  key-note  of  the  lines  on  which  its 
business  always  has  been  conducted  was 
struck  very  early  in  the  bank’s  career 
by  its  second  President,  Mr.  Francis 
Leland,  who  was  elected  in  1856,  not 
quite  one  year  after  its  establishment, 
and  who  remained  at  the  head  of  the 
institution  until  his  death,  in  May, 
1885,  a  period  of  twenty-nine  years. 

“  I  should  rather  have  the  bank’s 
money  in  the  bank  vaults  than  have  it 
in  the  stone  and  mortar  of  a  showy 

3 


Through  Fifty  Years 

building,”  was  Mr.  Leland’s  oft-re¬ 
peated  remark. 

Not  Merely  a  Bank  Plant 

That  idea,  acted  upon  throughout 
his  administration,  has  been  closely  fol¬ 
lowed  since — energies  directed  to  the 
building  up  of  a  bank,  rather  than  to 
the  erection  of  a  bank  plant.  Thus  it 
happens  that  The  New  York  County 
National  Bank’s  plain,  substantial 
home,  in  its  old  New  York  neighbor¬ 
hood  of  Fourteenth  Street  and  Eighth 
Avenue,  might  well  be  overlooked  by 
a  stranger  in  the  city.  It  is  in  its 
status,  among  the  banking  institutions 
of  the  metropolis — ranking  third  in 

4 


THE  NEW  YORK  COUNTY  NATIONAL  BANK 

CORNER  14TH  STREET  &  8TH  AVENUE 


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Through  Fifty  Years 


dividend  payments  in  the  city — in  its 
reputation  among  business  men  gen¬ 
erally,  in  the  name  of  a  “  Solid  Insti¬ 
tution  “  The  Up-Town  Chemical,” 
which  the  business  community  has  giv¬ 
en  it,  that  The  New  York  County  Na¬ 
tional  Bank  has  a  reasonable  feeling  of 
pride.  It  was  for  this  stability  that 
President  Francis  Leland  directed  his 
efforts  and  it  is  to  that  end  that  the 
present  management  has  continued  the 
endeavor. 

Cash  Payment  of  Checks 

And  there  is  that  in  the  history  of 
The  New  York  County  National  Bank 
in  which  the  management  and  all  the 

5 


Through  Fifty  Years 


bank’s  friends  are  warranted  in  tak¬ 
ing  much  pride.  In  all  the  great  com¬ 
mercial  crises  which  have  occurred  in 
the  half-century  of  its  existence,  this 
bank  has  never  had  to  ask  the  indul¬ 
gence  of  a  single  patron  who  had 
money  in  its  keeping  and  made  demand 
for  that  money,  or  any  portion  of  it. 
No  matter  what  may  have  been  the 
general  stress  of  financial  weather  it  has 
never  asked  its  depositors  for  any  ac¬ 
commodation  whatsoever,  but  has  paid 
in  cash,  dollar  for  dollar,  at  sight,  every 
check  presented  at  its  counter.  During 
the  period  of  financial  stress  in  the  pan¬ 
ics  which  marked  the  years  of  1873  and 
1893  so  disastrously,  this  bank  never  had 

6 


Through  Fifty  Y ears 


occasion  to  take  out  Clearing  House  cer¬ 
tificates. 

Panic  Rates  Never  Imposed 

More  than  that,  The  New  York 
County  National  Bank,  in  those  criti¬ 
cal  eras,  continued  right  along  accom¬ 
modating  its  patrons  for  all  amounts 
desired  and  at  the  old  rates.  Many 
banks  on  those  occasions  made  heavy 
advances  in  their  rates.  The  New 
York  County  National  Bank  made 
none.  So  far  as  their  hank  was  con¬ 
cerned  the  customers  of  this  establish¬ 
ment  need  not  have  known  that  the 
financial  storms  in  which  so  many 
wrecks  occurred  were  raging.  They 

7 


Through  Fifty  Years 


were  able  to  go  right  along  with  their 
banking  business  as  serenely  as  though 
they  were  under  clear  skies  and  on  un¬ 
troubled  waters,  and  here  the  wisdom 
of  the  policy  which  President  Francis 
Leland  inaugurated  was  sufficiently 
vindicated.  The  bank’s  money  was  in 
the  bank’s  vaults,  in  its  large  surplus, 
in  other  words,  which  always  has  been 
and  still  is  maintained,  and  not  in 
showy  buildings  or  luxurious  furnish¬ 
ings  and  equipment.  In  such  stress  of 
financial  weather  as  prevailed  in  1873 
and  1893  it  was  a  hank  which  harassed 
business  men  wanted,  and  not  a  bank 
plant.  They  might  go  in  those  days 
to  a  banking  palace  for  money  and  be 

8 


Through  Fifty  Y ears 


refused.  They  came  to  The  New  York 
County  National  Bank  and  got  cash. 
At  such  times  money  does  talk,  and  it 
is  a  source  of  much  satisfaction  to 
know  that  it  talked  so  well  for  this 
bank  that  hundreds  of  customers  were 
brought  to  us  in  both  1873  and  1893, 
who,  either  personally  or  by  their  de¬ 
scendants  and  representatives,  have 
remained  with  us  ever  since  and  are 
to  this  day  among  our  most  valued 
patrons. 

Its  Dealers  Protected  in  Times  of 

Panic 

It  was  the  stanch  weathering  of  such 
tempests  as  these,  among  other  things, 

9 


Through  Fifty  Years 


that  won  for  The  New  York  County 
National  Bank  its  well-known  reputa¬ 
tion  for  taking  care  of  its  depositors 
and  customers  at  all  times. 

But,  after  all,  it  is  its  dividend-pay¬ 
ing  capacity  which  tells  the  story  of  a 
bank’s  business  and  of  the  soundness 
of  the  policy  on  which  it  is  managed. 
In  a  city  doing  the  enormous  business 
New  York  does  and  having  the  great 
number  of  National  Banks  New  York 

l 

has,  it  is  no  small  honor  to  occupy 
third  place  in  rank  as  a  dividend-payer. 
And  that  is  the  position  The  New  York 
County  National  Bank  occupies.  The 
Chemical  National  Bank  pays  150  per 
cent,  and  the  Fifth  Avenue  Bank  100 

10 


THE  BANKING  ROOM 


Through  Fifty  Years 


per  cent.  The  New  York  County  Na¬ 
tional  Bank  pays  75  per  cent.  Three 
times  it  has  paid  an  extra  dividend  of 
100  per  cent.  Beginning  with  4  per 
cent.,  in  the  first  year  of  its  existence, 
the  bank  has  covered  steadily  increas¬ 
ing  dividends  with  the  advancing  years 
of  its  existence  up  to  the  figures  above 
named — 75  per  cent,  and  100  per  cent. 
It  has  never  passed  a  dividend.  Its  his¬ 
tory  as  a  bank  is  wholly  devoid  of  in¬ 
cident  and  exciting  adventure.  It  has 
been  merely  a  story  of  a  steady  growth 
from  small  beginnings  to  a  degree  of 
prosperity  which,  proportionately,  is 
only  excelled  by  two  other  banks  in  the 
entire  city  of  New  York.  It-s  stock 

11 


Through  Fifty  Y ears 


is  quoted  at  $1,500,  a  premium  sur¬ 
passed  again  by  only  two  banks  in 
the  city — the  Chemical  National  Bank 
and  the  Fifth  Avenue  Bank.  More¬ 
over,  for  many  years,  The  New  York 
County  National  Bank  has  been  a  des¬ 
ignated  depository  for  public  funds  for 
both  the  State  of  New  York  and  for 
New  York  City.  These  facts  speak  for 
themselves.  They  hardly  need  amplifi¬ 
cation.  They  are  set  forth  here  for  our 
friends  and  patrons  merely  as  a  record 
of  facts  accomplished,  of  achievements 
fairly  won  in  which  they,  as  well  as 
we,  have  an  intimate  interest  and  a 
rational  basis  for  pride. 


12 


Through  Fifty  Years 


Regarding  Small  Deposits 

From  the  beginning  of  its  history. 
The  New  York  County  National  Bank 
has  not  discouraged  small  depositors 
from  opening  accounts,  since  not  every 
one  begins  life  as  a  capitalist,  and  there 
io  every  reason  for  extending  a  wel¬ 
come  to  the  depositor  with  moderate 
means. 

The  New  York  County  National 
Bank,  among  its  4,000  accounts,  has 
some  of  very  large  amounts,  many  that 
would  be  considered  large,  and  many 
which  still  are  small. 


13 


Through  Fifty  Years 


Safe  Deposit  Vaults 

For  the  further  convenience  of  its 
patrons,  the  bank  established  a  safe 
deposit  department  something  over 
twenty-five  years  ago,  inaugurating  a 
convenience  that  won  the  appreciation 
of  its  patrons  from  the  start.  Many 
depositors  place  their  securities  in  the 
custody  of  this  safe  deposit  depart¬ 
ment  of  The  New  York  County  Na.- 
tional  Bank  as  an  arrangement  of 
great  convenience,  enabling  them  to 
transact  many  phases  of  their  business 
entirely  within  the  bank  with  unusual 
expedition. 

The  New  York  County  National’s 

14 


Through  Fifty  Y ears 


safe  deposit  department  is  conducted 
on  the  same  principle  regarding  super¬ 
fluous  externals  as  is  the  hank  itself. 
The  care,  the  close  study  of  details,  and 
the  expense  have  been  devoted  to  sur¬ 
rounding  the  property  confided  to  its 
care  with  every  known  safeguard  for 
its  impregnable  protection.  The  re¬ 
sult  of  this  is  that  the  safe  deposit 
vaults  of  The  New  York  County  Na¬ 
tional  Bank  are  equipped  with  all  the 
latest  and  most  thorough  devices 
known  to  mechanical  ingenuity,  as 
well  as  with  a  system  of  careful  and 
constant  watching  which,  it  is  believed, 
comes  as  near  to  absolute  certainty  in 
its  operation  as  human  arrangement 

15 


Through  Fifty  Years 


can  come.  So  often  the  very  existence 
of  a  business  rests  on  the  absolute  se¬ 
curity  in  which  papers  concerning  its 
affairs  may  rest,  for  which  reason  the 
admirable  system  of  safe  keeping  in 
operation  in  The  New  York  County 
National  Bank  has  done  much  to  en¬ 
hance  its  usefulness  and  to  extend  the 
realm  of  its  appreciators. 

The  bank  always  has  been,  and 
still  is  a  bank  for  men  of  moderate 
resources.  The  stiff  formalism,  and 
rigid  unvarying  rules,  inevitable  in 
banks  making  a  specialty  of  securing 
great  corporations  and  concerns  re¬ 
quiring  unlimited  banking  facilities 
are  with  us  so  far  as  possible  simpli- 

16 


SAFE  DEPOSIT  VAULT 


Through  Fifty  Y ears 


fied.  Contact  and  personal  acquaint¬ 
ance  with  our  customers,  whenever 
possible,  is  in  a  measure  substituted 
for  more  iron-clad  rules  and  mechan¬ 
ism.  By  this  means  many  of  the  diffi¬ 
culties  of  the  man  with  small  capital 
engaging  in  business  are  obviated,  and 
The  New  York  County  National  Bank 
cordially  welcomes  such  persons  and 
takes  pleasure  in  placing  its  best  ser¬ 
vices  at  their  disposal. 

An  Aid  to  Business  Enterprise 

There  is  no  fact  in  the  fifty  years’ 
history  which  this  bank  has  just  com¬ 
pleted,  in  which  the  management  takes 
more  satisfaction  than  in  the  knowl- 

17 


Through  Fifty  Years 


edge  that  many  business  enterprises 
have  been  aided  in  their  growth  from 
small  beginnings  to  great  success  by 
the  policy  which  has  enabled  our  bank¬ 
ing  methods  to  be  of  substantial  value 
to  them,  while  at  the  same  time  greatly 
advancing  the  interests  of  the  bank  by 
the  development  in  this  manner  of 
valuable  customers.  Business  friend¬ 
ships  have  thus  been  established  which 
have  continued  from  one  generation 
to  another,  with  the  result  that  the  bank 
has  patrons,  not  only  in  its  own  im¬ 
mediate  neighborhood,  but  widely  scat¬ 
tered  over  the  entire  city;  the  habit 
and  traditions  of  banking  with  The 
New  York  County  National  Bank 

18 


Through  Fifty  Years 


having  continued  in  families  long  after 
their  removal  from  the  bank’s  locality. 

Two  Presidents  in  Forty-nine  Years 

From  its  beginning,  fifty  years  ago, 
The  New  York  County  National  Bank 
has,  to  all  intents  and  purposes,  had 
only  two  Presidents,  for  its  first  Presi¬ 
dent,  Mr.  Charles  A.  Macy,  served 
from  May,  1855,  to  March,  1856,  only, 
a  period  of  but  ten  months,  when  he 
resigned.  Then  Mr.  Francis  Leland 
was  elected  and  it  was  he  who  laid  the 
foundation  broad  and  deep  for  the 
prosperity  which  has  attended  the  bank 
ever  since.  When  he  died,  in  1885,  he 
was  succeeded  in  the  Presidency  by 

19 


Through  Fifty  Years 


his  son,  Mr.  Francis  L.  Leland,  who 
has  continued  uninterruptedly  in  office 
ever  since.  Mr.  Francis  Leland  was 
President  for  twenty-nine  years;  Mr. 
Francis  L.  Leland  has  been  President 
for  twenty  years;  making  a  total  of 
forty -nine  years  for  father  and  son  at 
the  head  of  the  bank’s  management. 

The  Vice-President  of  this  bank, 
Mr.  William  H.  Jennison,  has  been 
connected  with  the  institution  for 
forty-five  years.  He  began  as  a  mes¬ 
senger,  then  he  became  Receiving  Tel¬ 
ler,  Paying  Teller,  Cashier,  and  finally 
was  elected  to  the  Vice-Presidency,  an 
office  which  he  still  holds. 

The  second  Vice-President  is  Mr. 


20 


Through  Fifty  Y ears 

William  Carpender,  of  the  Stock  Ex¬ 
change  house  of  Messrs.  W.  &  J.  N. 
Carpender,  44  Pine  Street.  Mr.  Car¬ 
pender  has  been  a  Director  in  the  bank 
for  several  years  and  second  Vice-Pres¬ 
ident  since  January  8,  1901.  He  is 
also  a  Director  and  officer  in  several 
other  financial  institutions. 

The  Cashier  of  the  bank  is  Mr.  Fred¬ 
erick  Fowler.  He  has  held  that  office 
since  October,  1902.  For  many  years 
Mr.  Fowler  was  connected  with  the 
banking  interests  of  Memphis,  Tenn. 
In  April,  1893,  having  resigned  the 
cashiership  of  a  Memphis  bank,  he 
accepted  a  position  as  confidential  as¬ 
sistant  to  Mr.  James  Stillman,  Presi- 

21 


Through  Fifty  Y ears 


dent  of  the  National  City  Bank,  New 
York,  which  position  he  occupied  for 
eight  years,  and  until  he  was  appointed 
cashier  of  the  Fidelity  Bank,  an  up¬ 
town  connection  of  the  National  City 
Bank.  Mr.  Fowler  therefore  brings 
to  The  New  York  County  National 
Bank  a  thorough  knowledge  of  mod¬ 
ern  and  metropolitan  banking. 

The  present  Board  of  Directors 
consists  of  Francis  L.  Leland,  Presi¬ 
dent;  Hobart  J.  Park,  of  Park  &  Til- 
ford;  Isidor  Straus,  of  R,  H.  Macy 
&  Company;  Charles  B.  Webster,  cap¬ 
italist;  William  Carpender,  of  W.  & 
J.  N.  Carpender;  William  H.  Jenni- 
son,  Vice-President;  Charles  F.  Tiet- 

22 


FIRST  BUILDING  OCCUPIED  BY  THE  NEW  YORK  COUNTY  NATIONAL  BANK 

N.  W,  CORNER  8TH  AVENUE  &  14TH  STREET  1 B5S- 1 677 


LIBRARY 
OF  THE 

UNIVERSITY  of  ILLINOIS 


Through  Fifty  Years 


jen,  President  of  the  West  Side  Bank, 
and  Frederick  Fowler,  Cashier. 

The  Bank’s  One  Move 

It  has  been  said  that  the  history  of 
the  bank  has  been  without  episode, 
but  this  is  not  wholly  true: — it  moved 
once.  When  it  was  organized  in  1855 
it  began  business  on  the  northwest  cor¬ 
ner  of  Fourteenth  Street  and  Eighth 
Avenue,  in  the  brownstone  building 
that  had  been  occupied  by  the  Knick¬ 
erbocker  Bank,  which  had  reverses  and 
became  extinct.  Here  The  New  York 
County  National  Bank  continued  for 
several  years,  and  then  occurred  the  one 
and  only  incident  in  its  career.  It 

23 


Through  Fifty  Years 


moved  across  the  street.  On  the  south¬ 
west  corner  of  Fourteenth  Street  and 
Eighth  Avenue  it  had  erected  a  build¬ 
ing  of  its  own.  Into  that  building  it 
moved  and  there  it  has  remained  ever 
since,  a  substantial  monument  in  that 
old  Greenwich  Village  quarter  of  New 
York,  where  stability  is  a  marked 
feature  of  the  population  and  of  the 
buildings.  The  business  in  the  neigh¬ 
borhood  is  substantially  the  same  in  a 
general  way  that  it  was  fifty  years  ago. 
It  has  changed  only  in  its  increased 
activity  and  in  the  promotion  of  that 
activity  this  bank  takes  satisfaction  in 
believing  that  it  has  had  a  stimulating 
and  broadening  effect. 

24 


Through  Fifty  Y ears 


An  Epitome  of  its  History 

It  was  in  the  day  of  State  Banks 
that  The  New  York  County  National 
Bank  came  into  existence,  and  it  was 
as  a  State  Bank  that  it  began  busi¬ 
ness.  Seven  months  after  its  original 
charter  was  obtained,  its  deposits  were 
$118,550.  They  are  now  $5,826,211; 
and  its  surplus  and  undivided  profits 
have  increased  proportionately. 

In  May,  1865,  just  ten  years  after 
it  was  organized,  it  entered  the  Na¬ 
tional  Bank  System.  Its  deposits  by 
that  time  had  grown  from  $118,550  to 
$825,000,  and  its  undivided  profits 
were  $110,000  or  within  $8,000  of 

25 


Through  Fifty  Y ears 


its  total  deposits  nine  years  previ¬ 
ously.  From  1865  to  1872  it  paid 
a  dividend  of  16  per  cent.  On  the 
22d  day  of  December,  1875,  a  divi¬ 
dend  of  100  per  cent,  was  declared  and 
paid.  On  two  occasions  since  that  date 
100  per  cent,  dividends  have  been  paid, 
and  for  the  past  few  years  the  divi¬ 
dends  have  been,  regularly,  about  75 
per  cent.  The  present  status  of  the 
bank  is  exhibited  elsewhere  in  this 
volume. 

Bank  Secures  Additional  Site 

Owing  to  the  rapid  increase  of  the 
hank’s  business ,  with  an  appreciation 
for  a  long  time  of  the  need  of  more 

26 


Through  Fifty  Years 


commodious  quarters ,  and  as  an  earnest 
of  our  desire  to  extend  to  our  depositors 
and  patrons  all  the  comforts  and  con¬ 
veniences  possible  in  an  up-to-date 
banking  house,  also  better  to  promote 
the  prompt  and  proper  conduct  of 
their  business  affairs  within  its  doors, 
we  take  pleasure  in  announcing  that 
The  New  York  County  National  Bank 
has  just  purchased  from  Mr.  John 
Jacob  Astor  the  buildings  adjoining 
on  the  south  and  west,  now  occupied 
by  the  stationery  and  printing  estab¬ 
lishment  of  Messrs.  Styles  and  Cash. 
Into  this  addition,  as  soon  as  possession 
can  be  obtained  and  the  architects’ 
plans  adopted,  it  is  proposed  to  extend 

27 


Through  Fifty  Years 


our  present  floor  space ,  and  to  equip 
our  hanking  rooms  and  safe  deposit 
vaults  with  every  additional  device 
that  may  he  q)rocurableJ  thereby  offer¬ 
ing  to  our  friends  and  customers 
the  strengthening  of  unrivalled  facil¬ 
ities. 

It  gives  us  a  sense  of  satisfaction  to 
make  this  announcement  of  the  addi¬ 
tional  advantages  we  shall  have  to  off er 
our  clientele,  and  no  doubt  all  our 
friends  will  rejoice  with  us  in  this 
acquisition  and  our  decision  to  extend 
the  plans  for  their  hanking  con¬ 
venience. 

It  is  in  the  full  belief  that  our 
friends  and  patrons  cordially  will  share 

28 


Through  Fifty  Years 


our  gratification  at  the  result  of  fifty 
years’  labor  on  the  part  of  the  insti¬ 
tution  in  which  there  are  so  many 
mutual  interests  that  these  facts  are 
set  forth,  and  in  presenting  this  little 
memento  of  our  completed  half-cen¬ 
tury  to  our  friends  we  beg  to  assure 
them  that  the  same  sound  conservatism 
which  has  governed  the  management 
of  The  New  York  County  National 
Bank  in  the  past  will  continue  to 
govern  it  in  the  future. 


29 


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